Setting Up a Home Repair Budget During COVID-19

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Setting Up a Home Repair Budget During COVID-19

save money on home repair during covid-19

The Department of Labor has reported massive layoffs due to the COVID-19 pandemic. Thousands of people have lost their jobs. People are quarantined inside their homes, unable to earn any income. 

We all are wondering what’s next? 

That is why it is important to save money as much as you can.

Unfortunately, you can’t always avoid spending money. You still need to buy your family’s basic necessities, and you might need to spend money on emergency expenses like home repair.  

There are some simple repairs that you can possibly do yourself, but there are some repairs where you will need professional help.

But how do you fix the problem without causing more financial stress and burden?

What You Will Need Help With?

First off, you need to know when you can do the repair yourself and when you need professional help. There are repairs that you can delay, and there are some that you need to fix immediately.  

What counts as an emergency repair? 

For instance, you don’t need to do plastering unless it places your ceiling that is in danger of collapsing. The same goes for plumbing. You can delay the repairs or fix the problem yourself unless the toilets are leaking, waste pipes are clogged, and the shower is clogged and there is no other way of bathing.

Structural repairs that need to be fixed immediately by yourself or possibly with the help of the professionals may include:

How Can You Save Money?

One of the drawbacks to owning a home is needing to finance its repairs even when you’re strapped for cash, especially during a pandemic when it’s really important that you save money.  

This is why it is important that you figure out how much you can save on home repairs before you actually do the repairs yourself or ask for professional help. The earlier you budget, the less stress you will feel.

There are a couple of rules when it comes to saving money on repairs. You can use the method that works best for you depending on your finances, style, and needs.

The Percent Rule

Experts recommend setting aside at least 1% to 4% of the purchase price for your home repair. So, if you bought your home for $300,000, you will need to save $3,000 to $12,000 for yearly home repairs.

By designating the amount of money that you need for yearly repairs, you will have an easier time visualizing how much to set aside and how much you can save from repairs.

The Square Footage Rule

This rule requires you to set aside $1 for every square foot of your home. If your entire home measures 2000 square feet, then you will need to set aside at least $2000 a year for home repairs.

By setting aside money for repairs, you would know if you’re going over budget saving money. You will also know if you’re paying too much for repairs.  

Are You Paying Too Much for Your Home Repairs?

Many home repairs are considerably inexpensive, but if you need to do some repairs during the COVID-19 quarantine, here’s what you should expect to pay.

  • A leaky valve would cost $61 to $223, including an actual labor cost of $50 to $200.
  • A leaky faucet would cost $97 to $330, including an actual labor cost of $95 to $300.
  • Drywall repairs would cost $97 to $286, including actual labor cost of $75 to $186.
  • Cracked tiles repair would cost $34 to $430, including actual labor cost of $30 to $125 per hour.
  • Replacing caulk around tubs, sinks, and showers would cost $31 to $354, including actual labor cost of about $30 to $125 per hour.
  • Fixing your home’s gutters would cost about $143 to $301.
  • Fixing out of alignment doors would cost $35 to $355.

Knowing how much you need to spend on repairs would help you determine your budget and save money in the long run

If you need to do emergency repairs, do not hesitate to contact us today. We offer quality service without extra or hidden charges

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